While the two most searched criteria for buy-to-let remained minimum income and first-time landlords in July, holiday lets and lenders requiring the applicant to be a homeowner entered the top five most searched terms.
Meanwhile, second charge criteria sourcing had the greatest shakeup with the top five changing completely.
Out went missed or late payments and County Court Judgments (CCJs) and it was the maximum loan to value (LTV) offered by lenders that brokers most wanted to know. This was followed by defaults unsatisfied, capital raising home improvements, consumer buy-to-let, and minimum income.
In the residential sector the top two searches retain their spots from last month but defaults registered in the past three years is now the third most searched criteria. Searches for maximum LTV and lenders allowing capital raising for debt consolidation make up the top five.
Searches per case rise
Knowledge Bank added that the average number of criteria searched on per case increased for the first time from 4.5 to five.
Nicola Firth, CEO of Knowledge Bank, said the data provided an insight into what was driving the market at present.
She said: “This is not archive data but the questions brokers are asking right now in order to place a case.
“We have heard recently that product numbers are increasing and that is why criteria searching is becoming an essential first step on the advice process. Any growth in product numbers is accompanied by a raft of criteria that sits behind the headline rates.
“One of the most startling facts from the tracker this month is that a broker is searching an average of five separate criteria categories for each case. This shows just how complex a borrower’s needs are becoming and how crucial it is for a broker to know at the onset which lenders will consider their client.”
She added that frustrations remained that criteria changes were not being widely publicised.
“There is a feeling in the market that only criteria changes that lenders deem to be positive hit the headlines,” Firth continued.
“We have some sympathy with this situation for both lenders and brokers due to the sheer numbers involved as we added over 5,000 new pieces of criteria in July alone.”